Vínculos útiles sobre MEDE (ESM) recién inaugurado
Genevieve Signoret & Patrick Signoret
Los ministros de finanzas de la zona del euro (Eurogrupo) inauguraron el Mecanismo Europeo de Estabilidad (MEDE, o ESM en inglés) en su reunión del lunes. El MEDE es el sucesor permanente del FEEF (que operará hasta mediados de 2013) y tiene la capacidad de prestar €500 MMn (los rescates actuales a Grecia, Portugal e Irlanda seguirán cubiertos por el FEEF). Estamos leyendo la ficha de información básica y las preguntas frecuentes sobre el MEDE.
Una breve guía sobre los nombres y siglas de estos fondos en español y en inglés:
- El Mecanismo Europeo de Estabilidad (MEDE) se llama European Stability Mechanism (ESM) en inglés.
- El Fondo Europeo de Estabilidad Financiera (FEEF) se llama European Financial Stability Facility (EFSF) en inglés.
- A la combinación de los dos fondos (ESM/EFSF) se le llama “cortafuegos” de la zona del euro.
Hay información y reglas importantes del MEDE que ya conocíamos pero creemos útil mencionar ahora que se publicó una ficha de información básica y las respuestas a preguntas frecuentes sobre el fondo.
Del factsheet recordamos las fechas para las cuales los países miembros deben tener legislado el pacto fiscal para tener el derecho de un rescate del MEDE (énfasis nuestro):
ESM assistance will be provided under strict economic policy conditionality. Moreover, as of 1 March 2013, member states must have ratified the so-called “fiscal compact”, i.e. the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in order to qualify for ESM assistance (recital 5). One year after the latter enters into force (the target date is 1 January 2013), they must comply with an additional condition, namely the timely transposition of the balanced budget rule in their national legislation.
También recordamos el hecho de que ya no se requiere unanimidad para tomar decisiones.
[…] The most important decisions under the ESM will be taken by its board of governors (finance ministers) by mutual agreement. The ESM treaty provides for an emergency procedure whereby a decision to grant financial assistance can be taken by a qualified majority of 85% of votes cast.
La regla del 85% implica que los países pequeños (o sus parlamentos) ya no tendrán poder de veto sobre los nuevos rescates, pero sí lo tendrán los países más grandes de la zona.
El documento de preguntas frecuentes reitera que el MEDE será acreedor preferente en sus rescates, …
Will ESM loans have preferred creditor status?
It is the mutual understanding of ESM members that ESM loans under a macroeconomic adjustment programme and recapitalisation facilities will enjoy preferred creditor status in a similar fashion to those of the IMF, while accepting preferred creditor status of the IMF over the ESM. The decision to forego preferred creditor status in the case of the recapitalisation of Spanish banks was one-off in nature, as the Financial Assistance Facility Agreement (FFA) was negotiated by the EFSF. This FFA will be transferred to the ESM with rights and obligations, including the EFSF’s pari passu status.
…el fondo sí podrá prestar directamente a bancos, …
Would it be possible to […] empower the ESM to directly recapitalise banks without amending the ESM treaty?
With regards to direct bank recapitalisation, based on Article 19 of the ESM Treaty it would be possible without a treaty change, by a unanimous decision of the Board of Governors.
…las aportaciones al MEDE no contarán como deuda soberana…
Will ESM liabilities increase the government debt of the shareholder countries?
No. According to a preliminary note published by Eurostat, the ESM will be treated in the same way as similar international financial organisations such as the IMF. Loans from the ESM to a euro area country in need will be recorded in the same way as a loan from the IMF to a Member State (i.e. as a direct loan from an international organisation to the country in question). Therefore, unlike the loans provided by the EFSF, the loans provided by the ESM will not be rerouted through the accounts of other euro area countries and will therefore not increase their government debt.
…y que el fondo no buscará ni obtendrá una licencia bancaria para poder financiarse con el Banco Central Europeo (BCE).
Do you intend to ask for a banking license for the ESM?
No. The ECB published an analysis last year according to which the ECB is not allowed for legal reasons to grant the ESM a banking license, which holds similar for the EFSF.
It should be pointed out that the question of a banking license is often over-interpreted. It would make funding easier, but would not allow unlimited lending by the EFSF or ESM.
Contiene información sobre programas de asistencia parcial a países miembros, uno de los cuales podría ser otorgado a España para activar la compra de bonos soberanos por parte del BCE (mediante su programa OMT) sin llevar a cabo un rescate completo:
What is the objective of ESM stability support loans?
The objective is to assist ESM Members that have significant financing needs but have to a large extent lost access to market financing, whether because they cannot find lenders or because lenders will provide financing only at excessive prices that would adversely impact the sustainability of public finances. […]
What is the objective of the ESM’s precautionary financial assistance?
The objective of ESM precautionary financial assistance in the form of credit lines is to support sound policies and prevent crisis situations by allowing ESM Members to secure ESM assistance before they face major difficulties raising funds in the capital markets. Precautionary financial assistance aims at helping ESM Members whose economic conditions are still sound to maintain continuous access to market financing by reinforcing the credibility of their macroeconomic performance while ensuring an adequate safety-net.
[…] Two types of ESM credit lines are available: a Precautionary Conditioned Credit Line (PCCL) and an Enhanced Conditions Credit Line (ECCL). A PCCL and an ECCL credit line can be drawn via a loan or a primary market purchase. Both types of credit line have an initial availability period of one year and are renewable twice, each time for six months.
o Precautionary conditioned credit line (PCCL) – available to a euro area Member State whose economic and financial situation is fundamentally sound, as determined by respecting eligibility criteria (sustainable public debt, respect of commitments under excessive deficit procedure (EIP), track record of access to capital markets on reasonable terms, sustainable external position, and the absence of bank solvency problems that would pose systemic threats to the stability of the euro area banking system). The beneficiary country will be obliged to respect the eligibility criteria after the PCCL is granted.
o Enhanced conditions credit line (ECCL) – Access open to all euro area Member States whose general economic and financial situation remains sound but do not comply with some of the eligibility criteria for accessing a PCCL. The beneficiary ESM Member will be obliged to adopt corrective measures aimed at addressing such weaknesses and avoiding any future problems in respect of access to market financing, while ensuring a continuous respect of the eligibility criteria which were considered met when the credit line was granted.
En el sitio web del Eurogrupo, también son útiles este glosario y esta línea de tiempo de la crisis del euro.